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15% Drop At The High-End Since 2008...?

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http://www.rettie.co.uk/sales/EDI100325

Built by Cala, asking price when new £1.6m, appears to have sold in early 2008 at £1.3m, now offered at £1.1m

Dalmation not included in sale, I would assume.

wow-it's hideous. I mean-how many premiership footballers ARE there in East Lothian.

Re price: bear in mind that brand new houses have a premium over slightly-less-than-new houses. So in a flat market you can expect your new house to drop by 10%. That said, this is such an esoteric (ahem) property who knows what it will sell for. I wouldn't pay £750k for it personally.

Edited by fflump

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I posted this some time ago, but noone seem to noticed it, so maybe it is worth repeating.

This property, Offers Over £1,350,000, is still offered £1 million (!) below home report valuation. I haven't seen the report, but if the home report price tag is 2,350,000, and even if the vendor expects an impossible 30% above offers over (i.e. 1,755,000), then this is a reduction of more than 25%.

http://www.ckdgalbraith.co.uk/property/EDI100091/Frogston%20Road%20West

A more realistic higher end property, bought in 2007 for about 651K, asking price 590K, just under 10% drop:

http://www.struttandparker.com/property-for-sale/edinburgh/property_EDN100300.html

However, while I expect significant nominal drops at the very high end (i.e. properties well above 1M like the one fflump mentioned and the first one I mentioned), I expect only very modest nominal drop in the more realistic higher end nice properties (like the 2nd one I mentioned). Though, given the continuing inflation, the inflation-adjusted prices (i.e. real prices) will drop much more. But for those people whose salary will be frozen in nominal terms, many properties will continue to be out of reach even though the inflation-adjusted drops will be significant.

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wow-it's hideous. I mean-how many premiership footballers ARE there in East Lothian.

That's exactly what I thought! Man, that's a horrible house. You'd need a lot of money and a complete absence of taste to buy that.

Edited by Scunnered

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That's exactly what I thought! Man, that's a horrible house. You'd need a lot of money and a complete absence of taste to buy that.

If you ever want a laugh go and have a drive round the Archerfield estates.

My friend was involved in the fitting out of some of them and so we went for a look around. Seriously ugly naff houses all built really close to one another. I could not believe the cost of them, for less you could have a very nice (maybe a bit smaller) secluded house with land not very far away. But I was told this was not the point of this development, they were bought as showhouses by people with too much cash, hopefully they will lose even more value in the future.

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Do you think it was bought, landscaped and decorated by some jakey lottery winner from Niddrie?

:lol: I think that does Niddrie a disservice.

I particularly like what they've done with the garden.

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If you ever want a laugh go and have a drive round the Archerfield estates.

My friend was involved in the fitting out of some of them ....

Some of the folks who bought land plots and never got as far as building the houses on them took a real bath. I've got some prices saved somewhere.... hang on....

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Now at 970k. Just saw this thread as was looking through stuff on Archerfield was golfing there today. :D

House

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Now at 970k. Just saw this thread as was looking through stuff on Archerfield was golfing there today. :D

House

Good find, though 970K is still about 500K overpriced if you ask me....

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Bird selling it looks okay, if a little confused :lol: , the Retties letting section looks like pure fantasy pricing (didn`t bother with any more of their "would love to sell at silly price" section) what chance this agent going bust?

Retties have only been going for 15-20 years so have never dealt with a falling market before. Will be interesting to see how they fare, some friends and family of mine have used them as selling agents yet didn't recommend them to me when I put our house on the market. Some of the houses they sell seem overpriced such as this one

http://www.rightmove.co.uk/property-for-sale/property-19034013.html

when other arguably more desirable houses in the area are much cheaper

http://www.rightmove.co.uk/property-for-sale/property-18766854.html

http://www.rightmove.co.uk/property-for-sale/property-33738548.html

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Rettie had this onefor sale for months, possibly over a year, at £1.5 or £1.6 million - now relisted with another, it was at £1.25 million last week, with a price change to Offers Over £995k this week.......

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Rettie had this onefor sale for months, possibly over a year, at £1.5 or £1.6 million - now relisted with another, it was at £1.25 million last week, with a price change to Offers Over £995k this week.......

I'm not sure this is an indication of market sentiment. I mean, who in their right mind would pay £1.6M to live in a footballers wives mansion in the middle of nowhere. They simply got the price wrong to start with.

Now, if a £1.6M house in Merchiston got reduced to £995k then that would be something worth talking about

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I'm not sure this is an indication of market sentiment. I mean, who in their right mind would pay £1.6M to live in a footballers wives mansion in the middle of nowhere. They simply got the price wrong to start with.

Now, if a £1.6M house in Merchiston got reduced to £995k then that would be something worth talking about

sorry-i was referring to the archerfield property!

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  • 141 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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